The Kapanga Mine, Coromandel.

Te Aroha News, Volume VI, Issue 368, 15 May 1889, Page 8

The Kapanga Mine, Coromandel.

Thk Kapnnga Assessment Board of reviewers sat on Tuesday 7th inst, the Bench consisting of Messrs Swindley (chairman), King and Hornibrook. Mr Cottar appeared for the Propeity Tax Commissioner, and Mr Hesketh for the Kapnnga Company. Mr Bayldon gave evidence as the value of the property. After hearing all the^evidence and arguments adduced by both sides, the Board of Reviewers reduced the valuation from £102,000 to £18,500- The decision his given general satisfaction, as it was Mt to be unfair that English mining in vestors should be taxed on values so larircly in excess of the apparent worth of the property. Mr Cotter objected to the decision, on the giouuds that the CommiFStoner ha 1, at Captain Hodge's reqnpst, allowed him to refer to the Home Office fora certificate of ths value of the shares, which, assuming the whole of the shares to be of equal value, showed a total value in exoess of Mr Sperrey's own assessment. This matter being one in which the, majority of our readers will be interested, we reprint some further particulars respecting the case, which were published in our issue of April 17th :—: — * Speaking with regard to the property tax in the course of his address at the Thames. Mr Cadman, M.H.R., for Coromandel, said he was strongly in favour of a land and income tax, as be felt convinced that it would be found less objectionable than the property tax. He illustrated the iniquitous nature of the propei ty tax by instancing the case of a block of land containing 7600 acres at Moehau, the title to which had been completed and Government had purchased it for £8486. If contained 12 licensed holdings, and the combined property tax was a mere trifle. But for some reason or other the Kapanga—- an English Company at Coromandel — which owned 30 acres of land that had cost Government £15, had to pay something most exhorbitant. During the last J4 years the English capitalists interested in this Company had expended £125,000 in developing the property, and taken out gold worth £23,000 leaving them £102,000 to the bad. The rpinp and plant was not worth £5000^-no one would care to give that for it—but, to be above the tpark, say its value was £10,000, That was the whole interest that the shareholders in tfre Kapanga i Co., had in New Zealand. Yet what was the rosult ? The property tax ! value ljad sent a notice to the manager that he had assessed the Company at £100,000. He (fh Q speaker) had written a letter to the Property Tax Commissioner regarding t}?& matter, an ,i asked him to show it to the Premier, but bad received rather a- facetious reply, being to the effect that the assessement had been made on the marketable value of the shares of the Company in London on the Ist of October^ There were 185,000 shares in the Company. The manager of the Company had placed the matter in the hands of Mr Hesketh, and it was most likely that it would be fought out, as such a tax as this pqn\d not- f«ll todiitb* poWy incalculable harm and fceep jcapifcalists fr>m our 6horeg." etc., etc.

Did any of. you ever have a pair of shoes, -or & shoe jftv\% was comfortable except in just one place $nd jfchat hart you 00 you thought you couldn't stand it? The .above tsKporipnce was mine last weejc, an,d 1 was told to pyt the shoe partly ,gn, t^ en p/jijir w> warm ,water and work my foot down? The sensation \$ ,not very pleasant, ,but if you will be shoe is .dry yog will |md it .fe,el« per&iQtly ,eaay and will never hurt you again,. You may cold, but I didn't. I don't tlijnk this process .improves the leather, but what,u=«e ai;ea pair of Jj^oes wliieh are most uncomfortable ? J haye several times mentally thanked the friend who told me the abp^e i;O.r jM^Ut shoes. AL$., Puaqdin.